The only thing that would scare me about going away and not having an IP already under my belt would be two true stories ...
1. In about 1976 my parents did a ten week London and Europe trip. They had just sold my late grandfather's house in Hawthorne Brisbane for 29K. During the trip they met some people who wanted to move to Australia. They told them that for what their house was worth in Scotland, they could buy a PPOR and also an IP.
ln the time they were away, the market had started to rocket upwards and the house they sold for $29K was now worth $45K. They phoned the Scottish couple and told them to hold everything, don't sell yet because what we told you has changed dramatically. They then sent real estate glossies to them so they could see how things had changed. Don't know if they ever moved here.
2. About four years ago the house next door was rented to a family who had done up a house in Coorparoo and sold it for a good profit. They took out a six month lease next door but ended up being there for over twelve months because, again, the market was red hot. Every house they put a contract on had five to seven other contracts, and they kept missing out. They reckoned houses in Coorparoo were going up by $5K each month. After twelve months their buying power had diminished considerably AND they had paid all that rent.
If you can afford to buy now, why wait.
wylie
1. In about 1976 my parents did a ten week London and Europe trip. They had just sold my late grandfather's house in Hawthorne Brisbane for 29K. During the trip they met some people who wanted to move to Australia. They told them that for what their house was worth in Scotland, they could buy a PPOR and also an IP.
ln the time they were away, the market had started to rocket upwards and the house they sold for $29K was now worth $45K. They phoned the Scottish couple and told them to hold everything, don't sell yet because what we told you has changed dramatically. They then sent real estate glossies to them so they could see how things had changed. Don't know if they ever moved here.
2. About four years ago the house next door was rented to a family who had done up a house in Coorparoo and sold it for a good profit. They took out a six month lease next door but ended up being there for over twelve months because, again, the market was red hot. Every house they put a contract on had five to seven other contracts, and they kept missing out. They reckoned houses in Coorparoo were going up by $5K each month. After twelve months their buying power had diminished considerably AND they had paid all that rent.
If you can afford to buy now, why wait.
wylie
